Edward Whitacre

Edward Whitacre, Jr.

From Wikipedia, the free encyclopedia

Jump to: navigation, search

Edward E. "Ed" Whitacre, Jr. (born November 4, 1941 in Ennis, Texas) is a former chairman of the board and chief executive officer of AT&T Inc. He served as national president of the Boy Scouts of America from 1998-2000.

Whitacre began his career with Southwestern Bell in 1963 as a facility engineer. The following year, he graduated from Texas Tech University with a bachelor's degree in Industrial Engineering.

In October 1988, Whitacre was made president and chief operating officer of Regional Bell Operating Company, Southwestern Bell Corporation. Two years later, Whitacre became chairman of the board and chief executive officer. In 1995, Southwestern Bell Corporation changed its name to SBC Communications. Whitacre led SBC through a series of mergers and acquisitions in building the largest provider of both local long distance telephone services and wireless service (through its Cingular division) in the United States. These acquisitions included Pacific Telesis (1997), SNET (1998), Comcast Cellular (1999), Ameritech (1999) and AT&T (2005), from which the post-merger company took its name, as well as the 2006 acquisition of Bell South.

On June 23, 2006, he and the CEO of BellSouth were brought in under the Senate Antitrust Subcommittee following the AT&T-BellSouth merger. Most questions to Whitacre were regarding possible customer information leaks to the NSA.

On April 27, 2007, at the AT&T annual stockholders meeting, Ed announced his intent to retire as Chairman of the Board and chief executive officer at AT&T Inc., effective June 3. The Board of Directors elected Randall Stephenson to succeed Whiteacre as the new CEO and Chairman of the Board. On June 4th, 2007 Ed Whitacre retired with Randall Stephenson taking the helm the following morning (June 5th, 2007). Upon retirement, Whiteacre was eligible for a $158 million payout from AT&T.[1]

BusinessWeek reported that, though the CEO of one of the largest and most influential names in telecommunications and its surrounding technology, Whitacre did not use email or have a computer in his office.[2] It has also been reported that Whitacre offered Stephenson three words of advice via text message when the executive change was announced: "Give 'em hell".

It was announced June 2007 that AT&T's San Antonio headquarters building will be named "Whitacre Tower" in recognition of Whitacre's 44 years at the company, 17 of which were spent as chairman and CEO.

On June 28, 2007, the City of San Antonio placed Whitacre on the San Antonio River Commission.[3]

On November 12, 2008, Texas Tech announced that its college of engineering will be renamed the Edward E. Whitacre Jr. College of Engineering.

[edit] Compensation

Whitacre's compensation for 2006 totaled $61 million,[4] $17 million in 2005, and about $14 million in 2004.[5]

Following retirement, under his employment contract Whitacre is entitled to receive for life (except as otherwise noted):

Automobile benefits (estimated at $24,000 annually)

Access to AT&T's corporate aircraft, up to 10 hours of usage per month (estimated incremental monthly cost of $20,000)

Use of AT&T office facilities and support staff

Home security (estimated at $6,500 annually)

Payment of applicable taxes resulting from these benefits, except for use of the aircraft (estimated at $19,000 annually)

In addition, Whiteacre has a three year consulting contract with AT&T, by which he will be paid about $1 million annually, and receive:[6]

Club memberships (estimated at $25,000 annually) and

Payment of applicable taxes resulting from these benefits (estimated at $15,600 annually)